Transcript GDP Comparisons

NS3040
GDP Comparisons
Fall Term, 2015
U.S./China GDP Comparisons I
• In 2013 China became the world’s largest economy
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U.S./China GDP Comparisons II
• Still relative wealth of Americans much higher
• GDP per capita in China (2012/2013) is $10/11,000 on a
par with middle income countries like
• Romania -- $11,000
• Uruguay -- $12,000
• Turkey -- $13,000
• In contrast the US GDP per capita was $45/46,000
• While this gap is closing, even if current growth rates
continue, China not expected to overtake U.S. in per
capita terms for another decade
• If growth rates drop from 7-8% to 5-6% over the period it
may not be until 2050 that China may match U.S. per
capita incomes
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U.S./China GDP Comparisons III
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U.S./China GDP Comparisons IV
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EU GDP Revisions
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Shifts in World GDP
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